Top 5 considerations when buying a property

Determine what type of home that best suits your needs?

There are many options to consider when deciding which type of home is right for you: a traditional single-family home, a townhouse, an apartment, a duplex or buying land and building. Each option has its pros and cons, depending on your home ownership goals, so you should understand what you need in a home.

What specific features will your ideal home have?

While it’s good to retain some flexibility in this list, you’re making a major purchase decision so you deserve to have a home that fits both your needs and wants as closely as possible. Identify what you need in a home now and what you may need in a few years i.e. Do you have 1 child with plans to have another in 2 years with the possibility of a 3rd? Is it possible you may have to consider your parents moving in at some stage? Teenage kids – how important is it to have 2 separate living areas and bedrooms at the other end the house? Your life and subsequent plans should be carefully taken into consideration when thinking about the features your home will require.

How much mortgage do you qualify for?

It is important to know what your budget is for buying a home – not what you think it is but what a lender is willing to lend you. You may think you can afford a $600,000 home, but lenders may think you’re only good for $500,000, depending on factors like how much other debt you have, your monthly income and how long you’ve been at your current job.

“What You Can Borrow & What You Can Afford Are Two Different Things – It’s Important to Know the Difference”

How much home can you actually afford?

On the other hand, sometimes a lender will give you a loan for more house than you really want to pay for so you should consider what is affordable to you. Taking into account your possible life plans with more kids planned etc. then what is affordable now may be different to what is affordable after that 3rd baby. Also take into account the current credit conditions – if like at the time of writing this, interest rates are at all-time record lows you can guarantee that at some stage the cost of borrowing money will increase.

Who will help you find a home and guide you through the purchase?

A real estate agent will help you locate homes that meet your needs and are in your price range, then meet with you to view those homes. Once you’ve chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. The team at RAY Real Estate have expertise that can protect you from any pitfalls you might encounter during the process.

We have had excellent service and communication with our property manager who always seems to go the extra mile in ensuring that both landlord and tenant are satisfied and the property is in good order.

Gaye Landlord

We’d like to thank Greg Allen and the team at Ray Real Estate for a very efficient sale of our property in Casuarina recently. Being in Sydney Greg and the team were very accommodating with our needs and instructions. I would definitely recommend Greg and the team at Ray Real Estate Casuarina to anyone selling.

K Rogers and D Douglas Casuarina

Just a quick note to say thanks – your advice was always spot on, and as a result we were more than happy with the results you achieved on both properties. Once again thanks for your efforts.

Jacque & Trevor Giles Kingscliff

Dealing with Kristy and the guys at Ray Real Estate has been an absolute pleasure. They have been nothing short of amazing since taking over the management role of my investment property.

Kaan Landlord

Just wanted to say thank you for selling our home. You made the process easy and stress free.

Steve & Mandy

Kudo’s to Ray Real Estate – gave them the difficult task to sell within 6 weeks and find us a smaller place. Happy to say the sale went through and living in a Kingscliff apartment. Thank you.